After a total of 130 days of sideways trading for 80 plus 50 days, crude oil started a unilateral long trend and experienced nearly 1100 pips in 38 days.
The main upward momentum comes from:
1. The depreciation of the U.S. dollar is good for commodities
2. Expectations of the future economy
3. Expectations that vaccines can solve core demand issues
But this is just expectation.
Considering the potential increase in production and the substitution effect of new energy sources,
the actual value of OIL should not be higher than US$45. Consider a reasonable short position at 48.50-53.50.
The main upward momentum comes from:
1. The depreciation of the U.S. dollar is good for commodities
2. Expectations of the future economy
3. Expectations that vaccines can solve core demand issues
But this is just expectation.
Considering the potential increase in production and the substitution effect of new energy sources,
the actual value of OIL should not be higher than US$45. Consider a reasonable short position at 48.50-53.50.
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